According to the findings of a recent survey, a majority of mortgage loan originators make six-figure salaries on average. The survey, which was conducted by the Mortgage Bankers Association (MBA), polled 1,655 loan originators from 48 states in order to get a better understanding of loan origination pay. The results suggest that the average salary for loan originators is currently around $103,200, with some individuals even making as much as $200,000 or more per year.
The survey found that the highest paid loan originators are located in California, where the average salary is almost double the national average. Among other locations, loan originators in the Northwest earned an average income of $119,947, while those in the Mid-Atlantic made $108,709 per year. All regions saw an increase in average income since the last time the survey was conducted in 2016.
The survey also revealed some key trends in loan origination salaries. For instance, loan originators who work for multi-state lenders tend to earn more than those who are employed by small, local lenders. This is likely due to the fact that larger lenders typically offer greater compensation packages, such as bonuses and other incentives. Additionally, loan originators who specialize in high-balance loans (i.e., those above $100,000) typically earned an average of $20,000 more annually than their peers who only worked with lower-balance loans.
Overall, the survey showed that there is a positive trend in salaries among loan originators, with most individuals making six-figure wages. This is a testament to the hard work and commitment that many of these individuals put into their jobs. Furthermore, the survey results also suggest that there are numerous opportunities for loan originators to further improve their earning potential, especially if they focus on working with higher balance loans or securing employment with larger lenders.
This article was contributed on Sep 27, 2023
